OPEC Price Fight Weighs on Oil

Oil prices fell Monday, weighed down by concerns about a rapid rise in U.S. crude output as cracks emerged in OPEC’s united front on output cuts. Light, sweet crude for April delivery fell 68 cents, or 1.1%, to $61.36 a barrel on the New York Mercantile Exchange. Brent, the global benchmark, declined 54 cents, or 0.8% to $64.95 a barrel. A difference of opinion between members the Organization of the Petroleum Exporting Countries on the ideal price for crude oil highlighted concerns over increasing shale output and U.S. producers’ ability to potentially crash the market. Iran wants OPEC to work to keep oil prices around $60 a barrel to contain U.S. shale producers , Oil Minister Bijan Zanganeh told The Wall Street Journal in a rare interview, while Saudi Arabia has played down shale’s ability to upset the market and has indicated $70 for oil is acceptable. “The strong […]